bodyType

customContents

entityId

printArticlePageQuery

filter

article

body

urlAlias

articleSectionsContent

articleSeoArticle

articleSourceHeaderArticle

contentSchemaRenderContent

contentSubHeadlineContent

contentHeadlineContent

mainImagePrintArticleArticle

authorBlockPrintArticleArticle

contentSponsorTagContent

articlePianoPaywallContent

scmpYoutubeContent

hooksTrackPageViewArticle

query printArticlePageQuery(
  $entityId: String!
  $customContents: [CustomContentInput]
  $bodyType: BodyFormatTypeEnum
) {
  article(filter: {entityId: $entityId}) {
    entityId
    body(customContents: $customContents, type: $bodyType) {
      json
    }
    urlAlias
    ...articleSectionsContent
    ...articleSeoArticle_3o8td4
    ...articleSourceHeaderArticle
    ...contentSchemaRenderContent
    ...contentSubHeadlineContent
    ...contentHeadlineContent
    ...mainImagePrintArticleArticle
    ...authorBlockPrintArticleArticle
    ...contentSponsorTagContent
    ...articlePianoPaywallContent
    ...scmpYoutubeContent
    ...hooksTrackPageViewArticle
    id
  }
}

fragment articlePianoPaywallContent on Content {
  __isContent: __typename
  ...hooksPaywallPromiseContent
}

fragment articleSectionsContent on Content {
  __isContent: __typename
  sections {
    value {
      ...helpersCheckIfNewsSectionInFirstIndexSection
      ...entityLink
      name
      id
    }
  }
}

fragment articleSeoArticle_3o8td4 on Article {
  ...hooksArticleSeoArticle
  ...helpersCheckIsPostiesArticle
  ...helpersGetArticleTypeArticle
  entityId
  publishedDate
  updatedDate
  summary {
    text
  }
  subHeadline {
    text
  }
  body(customContents: $customContents, type: $bodyType) {
    text
  }
  keywords
  sections {
    value {
      name
      id
    }
  }
  topics {
    name
    entityId
    id
  }
  urlAlias
  authors {
    name
    id
  }
  images {
    style(filter: {style: "768x768"}) {
      url
    }
  }
  readingTime
}

fragment articleSourceHeaderArticle on Article {
  urlAlias
  ...entityLink
}

fragment authorBlockPrintArticleArticle on Article {
  ...defaultArticleDateContent
  ...authorNamesArticle
}

fragment authorNameAuthor on Author {
  ...entityLink
  name
  entityUuid
}

fragment authorNamesArticle on Article {
  authorLocations
  authors {
    entityId
    location
    ...authorNameAuthor
    id
  }
}

fragment blockquoteQuoteContent on Content {
  __isContent: __typename
  ...contentShareWidgetContent
}

fragment checkersCheckContentContainsStarlingImageContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment contentHeadlineContent on Content {
  __isContent: __typename
  headline
  socialHeadline
  ...contentHeadlineTagContent
  ...helpersUseContentSponsorContent
}

fragment contentHeadlineTagContent on Content {
  __isContent: __typename
  ...hooksContentHeadlineTagContent
}

fragment contentNewsletterWidgetContent on Content {
  __isContent: __typename
  topics {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
    id
  }
  sections {
    value {
      relatedNewsletters {
        ...helpersMassageToNewsletterItemNewsletter
        id
      }
      id
    }
  }
  ... on Article {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
  }
}

fragment contentSchemaRenderContent on Content {
  __isContent: __typename
  ...blockquoteQuoteContent
  ...imageContent
  ...inlineWidgetContent
  ...photoGalleryWidgetContent
  ...scmpYoutubeContent
}

fragment contentShareWidgetContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  shortUrl
  socialHeadline
  headline
}

fragment contentSponsorTagContent on Content {
  __isContent: __typename
  ...helpersUseContentSponsorContent
}

fragment contentSubHeadlineContent on Content {
  __isContent: __typename
  subHeadline {
    json
  }
  summary {
    json
  }
  ...contentSchemaRenderContent
}

fragment defaultArticleDateContent on Content {
  __isContent: __typename
  ...hooksArticleDateUtilsContent
}

fragment entityLink on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  __typename
  entityId
  entityUuid
  urlAlias
  urlRedirect {
    toUrl
    id
  }
  application {
    entityId
    id
  }
  ... on Section {
    fullSectionPath {
      entityId
      id
    }
    parentSection
  }
  ...helpersAppBarVariantBase
  ...helpersApplicationBase
  ...helpersCheckIsPlusArticle
  ...helpersStyleSectionContent
}

fragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsLiveArticle
  ...helpersCheckIsPlusPage
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...helpersSectionContent
  ...helpersStyleSectionContent
}

fragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPlusPage
}

fragment helpersCheckIfNewsSectionInFirstIndexSection on Section {
  name
}

fragment helpersCheckIsAmpEnabledArticle on Article {
  entityId
  types {
    value {
      entityId
      id
    }
  }
  sections {
    value {
      entityId
      id
    }
  }
  disableOffPlatformContent
  sponsorType
  published
  ...helpersCheckIsPlusArticle
  ...helpersCheckIsPostiesArticle
}

fragment helpersCheckIsLiveArticle on Article {
  flattenTypeIds
  liveArticle {
    status
    id
  }
}

fragment helpersCheckIsMainTopicContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment helpersCheckIsPlusArticle on Content {
  __isContent: __typename
  ... on Article {
    paywallTypes {
      entityUuid
      id
    }
  }
}

fragment helpersCheckIsPlusPage on Page {
  urlAlias
}

fragment helpersCheckIsPostMagazineArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesPage on Page {
  urlAlias
}

fragment helpersCheckIsStyleArticle on Content {
  __isContent: __typename
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersGetArticleTypeArticle on Content {
  __isContent: __typename
  ... on Article {
    types {
      value {
        entityId
        id
      }
    }
  }
}

fragment helpersMassageToNewsletterItemNewsletter on Newsletter {
  entityId
  name
  alternativeName
  description {
    text
  }
  summary {
    text
  }
  homepageDescription {
    text
  }
}

fragment helpersSanitizeArticleTypeEntityIdsArticle on Article {
  types {
    value {
      entityId
      id
    }
  }
}

fragment helpersSanitizeAuthorTypesArticle on Article {
  authors {
    types
    id
  }
}

fragment helpersSanitizedAuthorEntityIdsArticle on Article {
  authors {
    entityId
    id
  }
}

fragment helpersSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersStyleSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersUseContentSponsorContent on Content {
  __isContent: __typename
  topics {
    entityId
    sponsor {
      ...sponsorTagSponsor
      name
      type
      id
    }
    id
  }
  ... on Article {
    sponsorType
  }
  ...helpersCheckIsMainTopicContent
}

fragment hooksArticleDateUtilsContent on Content {
  __isContent: __typename
  createdDate
  publishedDate
  updatedDate
}

fragment hooksArticleSeoArticle on Article {
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...hooksContentHeadlineTagContent
  ...helpersCheckIsAmpEnabledArticle
  entityId
  headline
  socialHeadline
  types {
    value {
      entityId
      id
    }
  }
  authors {
    entityId
    id
  }
  images {
    generic_og: style(filter: {style: "og_image_scmp_generic"}) {
      url
    }
    styles(filter: {styles: ["og_image_posties_article", "og_postmag", "og_image_style", "og_image_scmp_analysis", "og_image_scmp_explainer", "og_image_scmp_editorial", "og_image_scmp_fact_check", "og_image_scmp_debate", "og_image_scmp_live", "og_image_scmp_obituary", "og_image_scmp_opinion", "og_image_scmp_review", "og_image_scmp_series", "og_image_scmp_generic"]}) {
      url
      style
    }
    type
  }
  urlAlias
}

fragment hooksContentHeadlineTagContent on Content {
  __isContent: __typename
  __typename
  ... on Article {
    types {
      value {
        name
        entityId
        description {
          text
        }
        id
      }
    }
    ...helpersCheckIsStyleArticle
  }
  flag
  sections {
    value {
      name
      id
    }
  }
  ...hooksContentHelperContent
}

fragment hooksContentHelperContent on Content {
  __isContent: __typename
  ...helpersSanitizeArticleTypeEntityIdsArticle
  ...helpersSanitizeAuthorTypesArticle
  ...helpersSanitizedAuthorEntityIdsArticle
  flag
}

fragment hooksPaywallPromiseContent on Content {
  __isContent: __typename
  entityId
  ...helpersCheckIsPostiesArticle
}

fragment hooksTrackPageViewArticle on Article {
  entityId
  publishedDate
  headline
  sections {
    value {
      name
      id
    }
  }
  urlAlias
  authors {
    name
    id
  }
  entityUuid
}

fragment imageContent on Content {
  __isContent: __typename
  headline
  ...checkersCheckContentContainsStarlingImageContent
}

fragment inlineWidgetContent on Content {
  __isContent: __typename
  ...contentNewsletterWidgetContent
}

fragment mainImagePrintArticleArticle on Article {
  images {
    title
    url
    isSlideshow
    size_652x446: style(filter: {style: "652x446"}) {
      url
    }
  }
}

fragment photoGalleryDialogContent on Content {
  __isContent: __typename
  __typename
  ...contentShareWidgetContent
}

fragment photoGalleryWidgetContent on Content {
  __isContent: __typename
  ...photoGalleryDialogContent
}

fragment scmpYoutubeContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  publishedDate
}

fragment sponsorTagSponsor on Sponsor {
  name
  type
  images {
    url
  }
}


sections

types

disableOffPlatformContent

sponsorType

published

headline

socialHeadline

authors

images

publishedDate

updatedDate

summary

subHeadline

keywords

topics

readingTime

authorLocations

entityUuid

Pearl Liu

Hong Kong’s office landlords are facing the biggest crunch in a decade as rents slide and vacancy rate surges in the city’s notoriously pricey market.
About 1.1 million square feet (102,193 square metres) of space in Central business district would have been vacated by businesses by the end of last month, CBRE estimates. Imagine a totally empty HSBC headquarters, or two blocks of One IFC Tower. At 8.5 per cent, the vacancy rate is the highest since December 2009.
From Expedia to Macquarie Bank and the creator of the League of Legends mobile game, companies have trimmed their office demand as Hong Kong lurches from one political crisis to another, along with the impact of widening US-China trade differences.
“Some landlords have finally accepted the fact the sweet old days are over,” said James Mak, district sales director at Midland Commercial. “They are now willing to cut prices.”


While the sector is fast becoming a tenants’ market, more companies are still expected to bail on their leases, according to market data provider Savvi. On top of the vacancy in Central, they have surrendered 900,000 square feet across the city in the first five months of this year, triple the volume in all of 2019.
The Central business district itself could see a 30 per cent increase in surrender listings over the next three months, said Chris Cohen, an analyst at the Hong Kong-based real estate platform.
Pressured by leases expiring this year and in 2021, landlords will have no choice but to cut rent sharply to retain them, he added.




Some 25,000 sq ft on the 31st floor of The Center, the world’s most expensive business address, are still on the market since online travel group Expedia began cutting back its operations at the start of the year. Landlords are now willing to consider HK$60 per sq ft for the lot that fetched HK$83 per sq ft in 2018, property agents said.
Riot Games, which develops the League of Legends mobile game, is seeking to sublease its space on the 53rd floor of the same building, said Scott Gelb, chief operating officer of the Tencent unit. Land Registry data indicates it has given up some of the space it signed up in 2019.


“We’re always evaluating space needs at all of our offices and have shifted plans such that we will not need to expand in Hong Kong for the time being,” Gelb told the South China Morning Post. “We will be maintaining our presence on the 51st floor.”
The Cheung Kong Center, owned by Li Ka-shing’s CK Asset Holdings, is still looking for takers for about 230,000 sq ft of space, months after they were vacated by its previous tenants. The size amounts to 10 of the 62 floors in the building. Five more floors will be added to the market when the Securities and Futures Commission moves out in August.
Yet, cheaper rents may not be enough to lure tenants, who themselves are battening down the hatches amid the city’s worst recession. Job losses this year have pushed the unemployment rate to near the highest in a decade, too.

At Henderson Land, total rental income across its portfolios – mainly in the office sector including the twin tower known as One International Finance Centre (IFC) – has declined by around 10 per cent in the most recent results.
“Some of our tenants in IFC office towers were considering reducing the size of their offices or ending their leases,” said Martin Lee Ka-shing, co-chairman of Henderson Land told shareholders on Monday. He was probably referring to Macquarie Bank, among them.
In hindsight, some landlords may have regretted not lowering rents fast enough last year to keep their tenants, as the pandemic worsened the market conditions.
“No one has a crystal ball,” said Paul Yien, senior director of Hong Kong markets at JLL. “They for sure did not expect that the hot market would be hit by the triple whammy of social movement, pandemic and the uncertainty surrounding the US-China relationship. Even with cheaper rents now, it is not easy to find new takers in a short span of time.”

For example, the entire 38th floor and some on the 39th floor in The Center are currently still empty after Goldman Sachs moved out at the end of 2018. In Causeway Bay, Hysan Development has so far failed to find new tenants for two of the five floors in Hysan Place to be vacated by KPMG in the coming weeks.
The pool of companies opening new offices or expanding in Hong Kong is quite small, market observers said. Mainland investors, who pushed the market to dizzying heights in 2008 with their acquisitions, are holding back.
Since anti-government protests broke out a year ago, many have stayed away after being targeted by violent protesters, thus depriving the market of its biggest and powerful benefactors.
Chinese companies eye IPOs closer to home as Luckin Coffee, TAL scandals taint path to US markets
The market is now pinning its hopes on Chinese technology companies, as more of them turned away from Wall Street to Hong Kong for stock listings, said Vincent Cheung, managing director of Vincorn Consulting. They include JD.com, NetEase and Baidu Inc.
“But a lot of them already have built a presence with international investors through their listings in the US,” he added. “They do not need an expensive address in Central to build up their image.”
Online payments operator Ant Financial Services said it has signed up for one floor measuring 17,000 square feet in Time Square in Causeway Bay.
It will get worse before it gets better, according to Midland Commercial’s Mak.
“Even buildings with big developer-landlords have seen rents plunging by 15 per cent from the peak in 2018,” he said. “Another 10 per cent discount will be offered by the end of this year as everyone is fighting to retain their existing clients.”
 



Hong Kong’s office market is hollowing out as vacancy rate hits 10-year high. Who can save the landlords?

Office buildings surrounding the Government House in Central district, Hong Kong. Photo: Robert Ng

Graphic for online Sheung Wan Li Po Chun Chambers Agricultural Bank of China Tower • Top destinations for offices of mainland financial institutions 4 • Buildings owned by or named after mainland banks One IFC Two Exchange Square Man Yee Building One Exchange Square Three Exchange Square 100km CENTRAL CCB Tower Bank of China Tower Shanghai Commercial Bank Tower Cheung Kong Center ICBC Tower SCMP

Hong Kong central district at night with IFC One and Two Tower, Hong Kong

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About 1.1 million square feet of office space had been vacated by the end of May, the equivalent of the whole HSBC Tower
Expedia, Macquarie, the Securities and Futures Commission are among tenants moving out of prime offices this year



Hong Kong’s office vacancy rate has risen to the highest level in a decade in a market punished by political and public health crises. Who can save the landlords as tenants bolt?


Hong Kong’s office market is hollowing out as vacancy rate hits 10-year high. Who can save the landlords?

About 1.1 million square feet of office space had been vacated by the end of May, the equivalent of the whole HSBC Tower Expedia, Macquarie, the Securities and Futures Commission are among tenants moving out of prime offices this year

About 1.1 million square feet of office space had been vacated by the end of May, the equivalent of the whole HSBC Tower

Expedia, Macquarie, the Securities and Futures Commission are among tenants moving out of prime offices this year